Myron (“Mike”) E. Ullman III, Lead Director of Taubman and Chair of the
Board’s Nominating and Corporate Governance committee, said, “Members of
the Taubman Board and senior management have recently engaged in
in-depth discussions with many of our shareholders in which we solicited
their feedback on a wide range of topics, including the Company’s
overall performance and business strategy, board structure and director
qualifications. We discussed with shareholders Taubman's outstanding
long-term performance and best-in-class assets, strong competitive
position to navigate the rapidly evolving retail environment, and
continual governance enhancements year after year, including the
well-received appointment of Cia Buckley Marakovits as a new independent
director, the creation of the lead director role to replace our previous
presiding director structure, our independent Board culture and the
depth of relevant skills and expertise represented in our boardroom. Our
shareholders have made a convincing case to us that the Board can and
should move faster in enhancing Taubman’s corporate governance by
pursuing accelerated board refreshment and moving forward with
transitioning to annual elections for directors. We are committed to
taking actions no later than the 2018 annual meeting as we continue to
engage with our shareholders on topics of importance to them.”

Mr. Ullman continued, “The Board's unanimous decision to support these
commitments in the context of on-going engagement with our shareholders
reflects Taubman’s commitment to listening and responding to investor
viewpoints as a vital element in our efforts to deliver superior,
long-term shareholder value. We look forward to continued meaningful
dialogue with our shareholders and are gratified for their transparency
and directness with us.”

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust
engaged in the ownership, management and/or leasing of 27 regional,
super-regional and outlet shopping centers in the U.S. and Asia.
Taubman’s U.S.-owned properties are the most productive in the publicly
held U.S. regional mall industry. Founded in 1950, Taubman is
headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005,
is headquartered in Hong Kong. www.taubman.com.

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These statements
reflect management's current views with respect to future events and
financial performance. Forward-looking statements can be identified by
words such as “will”, “may”, “could”, “expect”, “anticipate”,
“believes”, “intends”, “should”, “plans”, “estimates”, “approximate”,
“guidance” and similar expressions in this document that predict or
indicate future events and trends and that do not report historical
matters. The forward-looking statements included in this document are
made as of the date hereof. Except as required by law, we assume no
obligation to update these forward-looking statements, even if new
information becomes available in the future. Actual results may differ
materially from those expected because of various risks, uncertainties
and other factors. Such factors include, but are not limited to: changes
in market rental rates; unscheduled closings or bankruptcies of tenants;
relationships with anchor tenants; trends in the retail industry; the
liquidity of real estate investments; the company’s ability to comply
with debt covenants; the availability and terms of financings; changes
in market rates of interest and foreign exchange rates for foreign
currencies; changes in value of investments in foreign entities; the
ability to hedge interest rate and currency risk; risks related to
acquiring, developing, expanding, leasing and managing properties;
changes in value of investments in foreign entities; risks related to
joint venture properties; insurance costs and coverage; security
breaches that could impact the company’s information technology,
infrastructure or personal data; the loss of key management personnel;
shareholder activism costs and related business disruptions; maintaining
our status as a real estate investment trust; changes in the laws of
states, localities, and foreign jurisdictions that may increase taxes on
our operations; and changes in global, national, regional and/or local
economic and geopolitical climates. You should review our filings with
the Securities and Exchange Commission, including “Risk Factors” in our
most recent Annual Report on Form 10-K and any subsequent quarterly
reports, for a discussion of such risks and uncertainties.

This document may also include disclosures regarding, but not limited
to, estimated future earnings assumptions and estimated project costs
and stabilized returns for centers under development and redevelopment
which are subject to adjustment as a result of certain factors that may
not be under the direct control of the company. Refer to our filings
with the Securities and Exchange Commission on Form 10-K and Form 10-Q
for other risk factors.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

The Company has filed a definitive proxy statement and associated WHITE
proxy card with the U.S. Securities and Exchange Commission (the “SEC”)
in connection with the solicitation of proxies for the Annual Meeting of
Shareholders of the Company (the “Annual Meeting”). The Company, its
directors, its executive officers and certain other individuals set
forth in the definitive proxy statement will be deemed participants in
the solicitation of proxies from shareholders in respect of the Annual
Meeting. Information regarding the names of the Company’s directors and
executive officers and certain other individuals and their respective
interests in the Company by security holdings or otherwise is set forth
in the Annual Report on Form 10-K of the Company for the fiscal year
ended December 31, 2016, filed with the SEC on February 23, 2017, and
has been included in the definitive proxy statement filed with the SEC
on April 20, 2017. Details containing the nominees of the Company’s
Board of Directors for election at the 2017 Annual Meeting of
Shareholders are included in the definitive proxy statement. BEFORE
MAKING ANY VOTING DECISION, SHAREHOLDERS OF THE COMPANY ARE URGED TO
READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC,
INCLUDING THE DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND
ACCOMPANYING WHITE PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. The Company’s definitive proxy statement and a form of
proxy have been mailed to shareholders of the Company. Investors and
shareholders can obtain a copy of the documents filed by the Company
with the SEC, including the definitive proxy statement, free of charge
by visiting the SEC’s website, www.sec.gov. The
Company’s shareholders can also obtain, without charge, a copy of the
definitive proxy statement and other relevant filed documents when
available from the Company’s website at www.taubman.com.